Saskatoon real estate sales slipped lower for the second week in a row, this time falling to 102, down just two from the week before, and lower by 23 sales when compared to activity over the same week last year. Having peaked with a seven-day sales period that nearly reached 150 just five weeks ago, the trend is both clear and typical for the season. From here, sales will bounce up and down from one week to the next, but the pattern will present as a slow steady decline until it bottoms out in December.
The new listing activity also slipped, now for the second consecutive week as it fell to 200 for a weekly drop of 28 and an annual increase of just two. We can expect the same pattern to unfold with new listings as sales.
Another clear trend is a growing number of active real estate listings. Most years, we are on the downward path by this time. This year, the number of Saskatoon homes for sale continues to grow, even as a full month of summer is behind us. The shift is subtle and modest but it looks to me that we are moving back towards normal levels that more closely match demand.
Over the past seven days, total inventory grew to 1296, a gain of just five from the previous week’s close, and down by 216 from where it stood a year ago. The single-family homes category grew by 23 listings to reach 733, down annually by 64 units. Meanwhile, condo numbers fell lower by 23 on a weekly basis, and down by 171 annually.
The number of Saskatoon homes to have sold over the past 30-day sales fell for the second consecutive week, this period declining by 17 units to 469. That’s our lowest number of 30-day sales since late March when the market was just starting to simmer.
Here’s what “months of inventory” look like today.
All residential - 1296 active listings / 469 sales = 2.8 month supply (up 0.1 months from last week).
Single-family homes - 733 listings / 272 sales = 2.7 month supply (up 0.3 months from last week and well up for the two-month supply recorded just a few weeks ago).
Condos - 463 listings / 179 sales = 2.6 month supply. (down 0.3 months to lose most of the large gains we saw in this category last week).
Condos take far longer than houses to build so this segment of the market is often out of balance with demand and either over-supplied or under-supplied. This category may continue to fall lower as the single-family segment moves higher.
As a percentage of total sales, condo units at the lower to mid-level markets continued to produce strong results which drove the median sale price for the week lower again, this week to $308,950. It has only been lower once this year. Still, with nearly 20 percent of the week’s sales topping the half-million-dollar mark, the weekly average price saw smaller declines as it settled at $353,346.
The six-week average price, now two weeks off its annual peak, fell lower for the second week in a row to $375,252. That’sdown from last week by almost nine thousand dollars and higher on a year-over-year basis by 13K.
The four-week median price took its fourth consecutive weekly drop, this period falling by more than thirteen thousand dollars to $337,875. That’s lower than it was at the end of the same week last year by about six thousand dollars. Again, a resurgent interest in condos has been driving that trend.
The number of Saskatoon home sellers lucky enough to close an offer for a price greater than their asking price remained stable at 23. The average overbid took an upward bounce to $15,107. On the flip side of the negotiating table, 69 closed sales required a bit of give from the seller. Those deals reported an average discount of $9,367.00.
Here is a breakdown of what the sales to listing price ratio looked like on this week’s sales. Please note that this chart may show over-list price sales, even when I have reported the number as 0. Those sales are typically new properties that spent some period of time on the market, and most likely sold and included additional improvements that were not reflected in the original list price. For example, a new home listed at $450,000 sells at a price of $490,000 after 120 days on the market may have included a basement development that was not anticipated in the listing price. We report these to you as “at list price sales”, which is likely too generous in some cases, but it’s simply not practical to obtain the full details of each sale. A description of the geographic boundaries of areas 1 through 5 is here.
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